If you are getting ready to buy a home in the Queens County area, you should do more than look for houses that meet your criteria. As much as you enjoy the thought of owning your place and not having to pay rent anymore, there are some factors that can trip you up during the buying process.
Two of the most important aspects of real estate transactions are making an offer and negotiating the contract. By reviewing the following mistakes that buyers often make, you can avoid them yourself.
1. Not filling out the contract properly
Many people do not understand the importance of filling out their real estate contracts accurately. They use their nicknames, omit portions of their legal names and make other mistakes that can result in a cancellation of the contract. It is important for you to be thorough when completing the buyer’s contract. Double-check it to verify all information that it asks for is truthful and complete.
2. Failing to check the title for issues
You may not feel like checking the title for liens, easements and other issues that may impact your ability to purchase a property. However, most lenders require buyers to perform a title search and purchase title insurance. If there are issues with the title, you cannot purchase title insurance on the property to protect your interests until you can clear up those problems. If you do not perform a title check before your expected closing date, you may not be able to close on the property on time or the transaction may be canceled.
3. Modifying the terms of the contract after closing
You may have legitimate reasons for wanting to change the terms of your purchase contract. However, real estate contracts are legally binding. You should not attempt to change the terms of any executed contract yourself. If changes are necessary, you should speak to an attorney.
To avoid issues that can cause delays or prevent you from buying your dream home, prepare yourself for the process. Exercise due diligence so you do not lose any money, time or the house.